A Guide To Taking Good Decisions In Business

Any kind of business- big or small, involves risks; and these high stakes may or may not be in your favor. Experts say that most people tend to falter in this area. They say that, most people feel that they got success in any dealings because they took the right decision; or failed in it simply because of their bad luck.

A Guide To Taking Good Decisions In Business

Annie Duke, the PhD holder in Psychology and the third highest earning lady in the Poker world, considers being the “death trap”, not only in business but in every decision taken in life. It is all about understanding the pulse of things. Psychology says that all human beings are connected with certain dots, and it is these that must be identified, only then will decisions bring more success rates.

A good strategy for businessmen to be successful and happy is to follow the concept of ‘outcome-blind’. This is about just believing in you. No matter what the outcome is, you will remain proud of the decision you have taken. This way you are absolutely not out of wits, on discovering that your decision took a wrong turn. This doesn’t let you fall prey to failure and keeps you going in the path of innovation with your decisions as says Annie Duke . You have to accept the fact that, at most times you are not in control of the outcome of any decision taken, but the process of decision making is in your hands.

It is very important therefore to give your full potential in the decision- making process, with the help of your co-workers. You should get all the probabilities down on the table with your workers and take suggestions from them regarding all the possible variables. Once that is done and you are satisfied with your intellectual honesty, then you can finalize on any one of them. Rest assured you are bound to feel good about it then and later on too, even though the outcome may be negative.

Very similar to the game of poker, in business too, evaluating the decisions by following the outcome- blind technique and taking the decisions forward by strategizing correctly, at least the percentages of success can be increased in comparison to your opponents.

Annie Duke , the observational expert on executive decision making, further emphasizes that, it is not possible to outsmart the market, because of the numerous variables and uncertainties, but what can be done is to learn from your mistakes, and outsmart your rivals. It is always good to replay the mistakes you made in your decision-making process, acknowledge them and then get your lesson from them.

Try and read the probabilities in any decision and follow your instincts, if after that you realize that the math is not on your side, then just accept it the way it is. Post it; analyze where your calculations might have gone wrong or how you could have brought about a change in your decision process.

Outcome-blind decision process teaches you to understand that, even good decisions could sometimes yield bad results if the times are bad.

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